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OpenStudy (anonymous):
PLEASE HLP URGETN!! Leah is purchasing a condominium and is financing $515,000 with a 20-year 5/1 ARM at 5.25% with a 1/12 cap structure. What will her payments be at the beginning of year 6?
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jimthompson5910 (jim_thompson5910):
check out this handy ARM calculator http://www.bankrate.com/calculators/mortgages/adjustable-rate-mortgage-arm-calculator.aspx
OpenStudy (anonymous):
Correct answer: $3701.45
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